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2 cards from this section. Quick, good the night before a test.
Calculate the compound interest on a principal of $1000 at a rate of 5% for 1 year.
Use the formula A = P(1 + R/100)^n.
What is the total amount after 2 years on a principal of $2000 at 10% annually?
You need to find A using the compound interest formula.
What is the formula for compound interest?
Remember the structure of the formula.
True or False: Compound interest is calculated only on the initial sum invested.
Recall the meaning of compound interest.
If you have $1500 investing at a 7% annual rate compounded quarterly, how much will you have after 5 years?
Use the adjusted formula for compounding more than once a year.
You deposit $2000 in a bank at a 5% interest rate compounded yearly. How much would you have after 10 years?
Remember to apply the annual compounding formula.
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